With the prices of many things going up this year in the current economy, this news likely won’t come as a surprise. Auto insurance premiums are on the rise in 2022. Bankrate reports that across the nation auto insurers are filing for rate changes – with the average rate increase filing about 4.9% according to cited S&P Global Market Intelligence data. (Rate changes typically don’t effect everyone equally. Read more about the process in the Bankrate report.)
This brings us to J.D. Power’s new 2022 U.S. Auto Insurance Study. J.D. Power researchers say insurers are being forced to raise rates – else go out of business. Researchers cite a number of factors for this: a record high number of serious collisions, skyrocketing used-vehicle prices and surging repair costs. As a result, the study finds a sharp decline in customer satisfaction with the price of auto insurance. Still, somehow overall customer satisfaction overall remains at a similar level year over year. Something J.D. Power attributes to the industry’s “notable” efforts to improve customer engagement.